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The National Bank of Ethiopia, an important Central Bank in the African continent, has selected Polaris’ next-generation Intellect (News - Alert) Quantum Core Banking Solution (CBS) for Central Banks.

In line with this agreement, Polaris’ Quantum CBS will be the National Bank of Ethiopia’s new banking system, comprising core banking, general ledger, trade finance, treasury and enterprise reconciliation. This will replace the bank’s legacy system that had several insufficiencies thereby inhibiting modernization, innovation and effective on-time service delivery.

Polaris’ Intellect Quantum (News - Alert) CBS, specifically designed for Central Banks, will address the bank’s need for a solution that runs on modern technology with the aim of integrating money, securities, payments and a settlement system to enhance the competitiveness of the bank and ramp up time to market for the bank’s products.

“We are delighted to be chosen as the solution provider for the National Bank of Ethiopia. With our primary focus on financial technology and innovation, Polaris will enable the bank to become one of the strongest and most reputable Central Banks in Africa,” said K Srinivasan, EVP & geography head, Indian subcontinent, Middle East, and Africa (IMEA), Polaris Financial Technology Ltd, in a statement.

Srinivasan said that targeted at Central Banks globally, Intellect Quantum CBS for Central Banks is a specialized offering and the company is optimistic about its success in the African market.

“This win is indeed prestigious as it formalizes Polaris' foray into Ethiopia,” he added.

“After multiple assessment of different international core banking vendors, we found Polaris eminently suitable as Polaris was the only vendor that had a solution specifically designed to cater to Central Banks,” commented Yemane Yosief, vice governor, corporate service, National Bank of Ethiopia.